By Jenny Leonard The US and China announced Friday that they reached a phase-one trade deal but provided little detail on what exactly will be part of the agreement. US Trade Representative Robert Lighthizer brought a print-out of the 86-page agreement to a briefing with reporters Friday afternoon as a “show-and-tell” to prove that it’s all done and written up. Lighthizer said it’s an important step forward for the two countries while acknowledging that a lot of big issues are outstanding and need to be addressed in future negotiations. Here’s what we do and don’t know: Tariffs As part of the deal, the US will halve its 15 per cent tariff on about $120 billion in Chinese goods. It will also suspend indefinitely planned duties that were set to take effect on Sunday that would have covered consumer favorites such as smartphones and laptops. That leaves roughly $250 billion taxed at 25 per cent and $120 billion that will be subject to a 7.5 per … [Read more...] about Phase-one China-US trade deal: what’s in and what’s missing?
European free trade agreement
Video PlayerClose WASHINGTON, Dec. 14 (Xinhua) -- U.S. experts and businesspeople hailed the China-U.S. phase-one economic and trade agreement on Friday as a move to de-escalate trade tensions, benefit their respective and global economies, and lay a favorable groundwork for future negotiations. Welcoming the trade deal, Matthew Margulies, vice president of China operations for the U.S.-China Business Council, said, "we need more U.S.-China trade, not less. We need more U.S.-China investment, not less, and we need more engagement with our Chinese counterparts." Wendy Cutler, vice president of the Asia Society Policy Institute, said, "this phase-one China deal should go a long way in reversing the downward spiral in bilateral trade relations and increasing certainty for U.S. businesses." "America's trading partners around the world who were feeling the pain of this trade war must also be breathing a sigh of relief," added Cutler, a veteran trade negotiator who once served as acting … [Read more...] about U.S. experts, businesspeople welcome China-U.S. phase-one trade deal
Video PlayerClose WASHINGTON, Dec. 14 (Xinhua) -- U.S. businesses and farmers have welcomed the phase-one economic and trade deal announced by the United States and China. "This is an encouraging first phase that puts a floor under further deterioration of the bilateral relationship," U.S.-China Business Council (USCBC) President Craig Allen said in a statement sent to Xinhua after Beijing announced a breakthrough in China-U.S. trade talks. Myron Brilliant, executive vice president and head of international affairs at the U.S. Chamber of Commerce, called the move "a very positive development," saying that it "creates clarity for businesses and provides a lift for American consumers during the holiday season." Noting that the news is "especially welcome," American Farm Bureau Federation President Zippy Duvall said that "reopening the door to trade with China and others is key to helping farmers and ranchers get back on their feet." Tom Waters, a soybean and corn farmer, told Xinhua … [Read more...] about Spotlight: U.S. businesses, farmers welcome phase-one trade deal with China
Video PlayerClose NEW YORK, Dec. 13 (Xinhua) -- U.S. equities posted solid gains in the week, as investors anticipated trade progress between the world's two largest economies. For the week, the S&P 500 and Nasdaq Composite Index climbed 0.7 percent and 0.9 percent respectively, while the Dow Jones Industrial Average advanced 0.4 percent. The market reacted positively on Friday, thanks to the U.S.-China phase-one economic and trade deal. The Dow closed up 0.1 percent to 28,135.38, after hitting a record high at 28,290.73. The S&P 500 index eked out a new record, closing at 3,168.80, while the Nasdaq finished 0.2 percent higher at 8,734.88, also a record. China said in a statement that the two countries have agreed on the wording of a phase-one economic and trade agreement based on the principles of equality and mutual respect, and have reached a consensus that the U.S. side will fulfill its commitments to phasing out additional tariffs on Chinese imports. "It's encouraging," … [Read more...] about Wall Street posts solid weekly gains as U.S.-China trade progress in focus
Video PlayerClose by Luis Rojas MEXICO CITY, Dec. 13 (Xinhua) -- Mexico's economy will continue to perform poorly in 2020, awaiting investment in infrastructure and the results of a renovated North American free trade agreement that has yet to be ratified, say experts. Mexico's gross domestic product (GDP) will close the year bordering on a decline, partly due to cuts in public spending on productive projects and a drop in investment by a private sector wary of Mexican President Andres Manuel Lopez Obrador's policies and austerity measures. Gabriela Siller, director of economic-financial analysis at the Banco BASE financial group, told Xinhua she worries especially about the issue of investment because that is what would encourage greater potential growth in the long term. Investors' fears increased after Lopez Obrador's government took concrete steps to rein in spending, including cancelling the construction of a multi-billion-dollar airport in the nation's capital, said Siller. The … [Read more...] about Mexican economy to see low growth in 2020, say experts